What’s a minor trust or a grandchild’s trust? States don’t allow minors to own property in their own name, so when a minor is to inherit property under a Will or trust, a minor trust is set up for the child’s benefit. The minor trust owns the property until the child becomes an adult, then the trust pays the child the money, distributes the property, or continues to hold the property according to the trust’s terms.
A grandchild’s trust is a type of minor trust that a grandparent starts for a grandchild. Often a grandchild’s trust is involved in dynasty trust or generation skipping trust planning.
My law firm, Johnson Law KC LLC, is experienced counseling clients from all stages and walks of life on every aspect of estate planning and various trust options. We can help you answer all your estate planning and asset protection questions with confidence and friendly expertise. Please call (913.707.9220) or email us (firstname.lastname@example.org) to schedule a free, convenient consultation.
(c) 2015, Stephen M. Johnson, Esq.